Valve has officially pulled The War Z from being purchased and is issueing full refunds to those who have purchased the game and aren't satisfied
. Which happens to be almost everybody. The major news here is that Valve has taken the steps to remove a game that clearly wasn't finished.
I don't know how many of you remember the Towns incident; in which the indie game Towns was released via Steam Greenlight full of bugs and glitches. In that instance the game had a warning that it wasn't complete but that warning was moved to the description after a little while. Valve seems to not have a problem releasing a game before completion as long as a warning is available and it is made clear somewhere that the game isn't finished.
The War Z was full of false advertisement the first day, then some of the descriptions were moved to a future feature section so that the only false claim was one about 100 players per server when only 50 were allowed. Now on the third day Valve has completely removed the game from Steam to the point that it can only be found by typing the game's name into the search bar.
This whole situation is actually a good thing. It has forced Valve to act on a game that wasn't ready to be released and hopefully the selection process for games from third party companies gets better and doesn't allow games like this to get in. The gaming community will be more wary of the games they buy and hopefully developers will be held responsible for what they try to sell.